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Misc Stock Market

KyloG said:
Probably the craziest thing I did was start a position last week in Tesla when it bounced off the 150dma at $593. I did sell half on Thursday at $670 as I was worried they would come in light for deliveries but the best. Added a little back today.

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That was a great move to scalp it at $593 but I'm guessing it's going to need more time before it moves higher "if" it's going to. Assuming that NDX does not explode, I can easily see it trading above $800 again in a few months because...well...why not, that's because.

No fundamentals needed here in the case of Tesla, just thinking about how it took months to consolidate before it got going again last year. But if NDX hits an ATH soon it's going to be off FAANG and semis (and because speculation has left tech and you're seeing outflows there, so the contrarian thing would be for it to go up), mostly different things from the story that was seen from November to mid-February. Think we should have a good idea in the next couple days (if it doesn't happen, that is haha), because it's possible today was October 12th part 2, but personally I think we're going to need to eye the action around 13.8-13.9k in the Nasdaq-100 (the latter number having been seen just in futures during a holiday in mid-February).

I wonder if those short positions that I found out about in NDX/QQQ a little while back haven't given up yet. If they haven't given up, they're stuck for now.

I actually didn't like the action in the small caps, but outside of that there was nothing really wrong with what happened today.
 
GeorgiaGirl said:
That was a great move to scalp it at $593 but I'm guessing it's going to need more time before it moves higher "if" it's going to. Assuming that NDX does not explode, I can easily see it trading above $800 again in a few months because...well...why not, that's because.

No fundamentals needed here in the case of Tesla, just thinking about how it took months to consolidate before it got going again last year. But if NDX hits an ATH soon it's going to be off FAANG and semis (and because speculation has left tech and you're seeing outflows there, so the contrarian thing would be for it to go up), mostly different things from the story that was seen from November to mid-February. Think we should have a good idea in the next couple days (if it doesn't happen, that is haha), because it's possible today was October 12th part 2, but personally I think we're going to need to eye the action around 13.8-13.9k in the Nasdaq-100 (the latter number having been seen just in futures during a holiday in mid-February).

I wonder if those short positions that I found out about in NDX/QQQ a little while back haven't given up yet. If they haven't given up, they're stuck for now.

I actually didn't like the action in the small caps, but outside of that there was nothing really wrong with what happened today.
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I went long tech again, about 10% of my account last week when it kissed the 100 dma. I was close to selling 2/3 today but holding to see how it acts. Chart is bullish even with 2 gaps that need to be filled. Ideally would like a couple of inside days to allow 8dema to catch up.

8dema should cross the 50dma tomorrow.

B7873FE0-DACF-4DA4-972A-7ACBD4C55F7F.png
 
Inside day I'm guessing for QQQ after that February 22nd gap fill. Which is cool and totally fine. Should know after these next two days if whether it's going to be able to gear up to challenge that $338+ print very soon.
 
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Pretty textbook by Google here, and this is not even showing an actual chart (well, it is showing the basic chart you see in Google). This shows that a flat base can lead to a breakout as it has twice recently with this stock (and I think you can argue that it has three times in recent years). Would not surprise me if they killed earnings again and then followed it with a big day after that later this month.

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Probably also part of why I've been relatively comfortable too, as it's a big position of mine.
 
The Russell 2000 ended up finishing -1.6% today and looks pretty bearish, but that won't really matter overall if this market is going to be behaving like how it has in the past with the VIX under 20 and if that large IHS plays out in Apple (and if the mega Nasdaq names are now going to be participating consistently).

Reference on the IHS:

Cameron Osborne on Twitter: "$AAPL is grinding higher post #FOMC minutes. Let's see if it can break the 50 DMA. Large inverse head shoulders forming above the 200 DMA. $NDX $QQQ $VXX $VIX $UVXY $SPX $SPY $IWM https://t.co/q8Ecku5JQL" / Twitter

Edit: Although part of the reason for action like this is because the market is pinned right now. It won't be pinned after next week, which is why it'll be very interesting to see what happens then.
 
VegasEagle said:
Stimulus check money hitting?
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Maybe partly due to that, but I think it is more people moving back into pennies since the SEC has cooled down with suspensions and confidence is increasing again. Also as summer approaches people usually will play pennies to make a quick buck for vacations, spending, etc. Might not be the case now with covid but that’s how it historically has traded leading into the summer. April could be a good month for OTC if things continue.
 
Another nice day in the broader markets with gains on every major index, including 1%+ for NASDAQ and Russell 2K. My equity centered accounts liking it.
 
3rd highest close ever for QQQ.

Likely will see 338 by Monday if it doesn't tomorrow at this point and it will be interesting to see what happens then.
 
I agree
Jon said:
In the middle of a booming recovery? I feel like we’ll see one but shooooo it will be a while. The market will roar for some time I think.
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I agree, but, maybe the middle of next year, we will see a downward slide. The next lagging quarter reports should be good. But, after those, the market will back to normal. Just a SWAG from me of course. Also, some of the numbers are showing inflation. But, one unusual item to consider is the housing shortage and building supplies.
 
VegasEagle said:
I agree
I agree, but, maybe the middle of next year, we will see a downward slide. The next lagging quarter reports should be good. But, after those, the market will back to normal. Just a SWAG from me of course. Also, some of the numbers are showing inflation. But, one unusual item to consider is the housing shortage and building supplies.
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bingo. New neighborhoods around my area are at a standstill. They’ve piled dirt in front of the entrance to the neighborhood being built near our family farm. Lumber prices are too high to continue the build I’m afraid.
 
Jon said:
In the middle of a booming recovery? I feel like we’ll see one but shooooo it will be a while. The market will roar for some time I think.
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We're still well back from where we were before Covid. But the stock market is higher. It's no mystery why that’s the case. The stock market hasn't been connected to earnings, company health, or the economy in general for a long time now. And that's unlikely to change until the Fed stops supporting it. And that's unlikely to change anytime soon.
 
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